In need of Help. Quick.

[Wilson Manigat]

Hi there,

Me again. I could really use some insightful advice. I've posted slightly about this before but I am running into a wall and would love to see what my options are. I purchased a property in Houston TX in December of 2022 for a loan amount of roughly 400k. I had that property renovated with the intent of flipping initially but then the market flipped on me. The federal interests rates kept climbing what seemed to be weekly thus creating fear in the market to purchase. So I decided that if the initial exit strategy of flipping wouldn't work I would try and rent it out. You know, do the long hold game. However, I was unable to get any bites on renters near the one percent because although the area is great and progressive, 3900 for rent just wasn't feasible. I eventually had to settle for $2900, which is still about $500 more than the market average. 

I've tried going the DSCR route to refinance and was told that I didn't meet that 1% rule. So I was told that I'd have to wait until the property seasoned for six months to get an interest only or conventional loan. Fine. However, after 4 months of losses I finally attempted those loan options, only to be give high rates and a monthly payment that practically mimicked the current price that I was paying now for the hard money loan. Being that it's hundreds of dollars being lost every month, that made no sense to take on. So I decided to sell the property below market rate, leaving between 70-90k of equity on the table because I just need to stop the bleeding but I haven't been able to get any bites.

Any ideas on what I can do next? And I know there may be some that will post that I'm screwed, cool. Thank you. But for those of you who may have an outside of the box idea that I could use to really help me in this situation, I would truly and greatly appreciate your thoughts!